Cloth: My mage sticks with cloth and uses the Arch-mages robes with plain boots and Stoneflesh/Ironflesh. Add to that, three levels of the Mage armor perk and she's all set.
Light: My current build is a warrior and she wears light armor and lightly armored enchanted boots. I'm hoping this will be feasible at the highest levels because it's the look I want and I don't want to change it. I guess I'll find out.
Light armor for my warriors and stealth characters and mage armor for my mages. For me the light armor perks are so much better than the heavy armor perks,especially the wind walker perk.
On my mages, zero armor, real or magic. On others, minimal, mostly for looks or found enchantments. I've never had a character with over 300 AR but I don't play tank types.